Singapore

Singapore’s PSA International braved a crowded market on Tuesday to make a return to dollar bonds after a six year absence. The rarity of the name worked in the issuer’s favour, allowing it to meet its key pricing objective.

OUE Hospitality Trust’s S$238.6m ($175.7m) rights issue has been a big success, with shareholders signing up for 1.4x the shares on offer, according to a company filing.

Singapore’s PSA International broke its six year absence from the bond market in style on Tuesday, raising $500m in a deal that met its objective of pricing inside the curve of the closest comparable.

Loss-making commodities trader Noble Group has launched a richly priced $1bn one year refinancing into general syndication.

Olam International returned to the international bond market on Tuesday after an absence of nearly two years with a popular $300m trade that drew good participation from private banks and institutional accounts.

Commodities trader Gunvor Singapore, which had been talking to banks since February about refinancing debt, has launched its latest $750m borrowing.

The Asia DCM market opened to a slew of issuance on Tuesday with Singapore duo Olam International and PSA International, Korea National Oil Corp and Japanese lender Mizuho Financial Group looking to tie up their respective dollar transactions.

In this round-up, MSCI announced that its review of A-shares is underway, eight new institutional investors received RQFII licenses in 2016, Hong Kong saw further falls in RMB deposits and cross-border RMB trade settlement, and Bank of China saw two RMB internationalisation indices drop recently. Plus, a recap of our top stories this week.

Standard & Poor’s has cut its credit ratings on Standard Chartered group entities by one notch, becoming the last of the three international ratings agencies to do so over the past few months.

The vitality of the covered bond market was in no doubt over the first quarter of 2016 as volumes reached their highest level in five years.

Citi has lost its vice-chairman for Asean corporate and investment banking Tracey Woon, who is joining UBS in the third quarter of 2016.

The inevitable set of quarter end data is set to arrive as March winds down. While G3 bond volumes from southeast Asia will be disappointing, there are plenty of other reasons to be positive.